Illustration of an investor and adviser comparing fund documents at a meeting table.

Unit Trust Mandate, Holdings and Fee Evidence Checklist

November 12, 2026•2 min read

A unit trust is a pooled legal structure, but its Shariah suitability depends on the mandate, holdings, implementation and evidence. Investors should review the exact portfolio class rather than treating every fund with an Islamic name as equivalent.

Educational information only: This is not investment, tax or Shariah advice. Verify current fund documents and obtain personal advice.

1. Identify the exact portfolio

Record the registered name, class, manager, management company, identifier and inception date.

2. Verify regulatory records

Check the management company and portfolio information through the FSCA and current statutory documents.

3. Read the mandate

Capture asset classes, benchmark, limits, geography, concentration, derivatives and permitted cash instruments.

4. Review current holdings

Save a dated holdings file and compare material positions with the mandate and screening method.

5. Understand the screening standard

Record sector exclusions, financial-ratio rules, data provider and rebalance or review frequency.

6. Review cash treatment

Identify deposits, money-market instruments and income balances and whether the Shariah review covers them.

7. Review derivatives and hedging

Record permitted instruments, actual use, counterparties and the stated Shariah treatment.

8. Document purification

Capture the method, data source, calculation period and whether the manager or investor must make the payment.

9. Compare every fee

List advice, platform, administration, management, performance and transaction costs for the exact class.

10. Check dealing and liquidity

Record cut-off times, pricing, settlement, minimums, switching, redemption limits and suspension provisions.

11. Review performance evidence

Use consistent periods and benchmark data. Separate returns from claims about process quality.

12. Review distributions and tax records

Capture distribution frequency, reinvestment, tax certificates and account-level receipts.

13. Verify Shariah oversight

Keep the current certificate or report, reviewer, scope, date, exceptions and renewal process.

14. Define monitoring triggers

Set actions for mandate changes, expired evidence, material holding changes, manager changes or persistent unexplained tracking differences.

15. Maintain the fund file

Registration and mandate
Holdings and screening
Cash, derivatives and purification
Fees, dealing and performance
Tax and Shariah evidence

The decision file should show why the exact portfolio class fits its objective and which facts need periodic revalidation.

halal unit trusts South Africa

Mogamat Ali Salie

With a strong foundation in Information Technology and an M.C.S.E. certification, my journey took an unexpected turn after winning a free trip on a South African TV game show that brought me to the USA. During the dot-com bubble in 2001, I shifted my college major to Finance while working as a Junior Network Administrator — and discovered my true passion: helping people grow and protect their wealth. I began my banking career with Comerica Bank in Michigan while completing my Bachelor’s degree in Finance, then moved to Los Angeles to join Wells Fargo Bank. There, I quickly advanced through multiple roles, participated in extensive Fortune 500 training, and developed a diverse skill set in wealth management, client relations, and financial strategy. After 11 years abroad, I returned to South Africa to be closer to family, working as a Financial Adviser with Old Mutual, then Liberty Life, before being headhunted by Absa Wealth / Barclays Wealth in 2013. Since 2018, I’ve been with FNB Wealth & Investment, focusing on Ultra High Net Worth (UHNW) clients, helping them navigate complex financial and investment landscapes. 🌍 My competitive advantage comes from deeply profiling clients, understanding their goals, and leveraging international experience across the USA, UK, and South Africa. This perspective allows me to provide insight into offshore investment opportunities, global regulatory environments, and bespoke solutions that align with clients’ values and objectives. 💡 Building on this journey, as the Founder of MuslimFin Family Office — a hybrid model combining a Virtual Family Office (VFO) with a Boutique Family Office. We provide families and entrepreneurs with Islamic values-driven wealth stewardship, tailored advice, and innovative solutions that honour faith, legacy and growth. 🏃‍♂️ Beyond finance, I am passionate about running and endurance challenges. I proudly completed the Comrades Down Run in 2023 and the Comrades Up Run in 2024. As a member of the running, cycling and swimming fraternity, I'm also fortunate to be part of and participate in community initiatives and charitable causes, because true success is measured not just by what we achieve, but by how we give back.

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